Constitutional Court of Azerbaijan Decides that a Devaluation is not a Material Change in Circumstances

On September 7, 2018 the Constitutional Court of Azerbaijan made a decision on interpretation of Article 422 of the Civil Code. 

According to the decision the Constitutional Court of the Republic of Azerbaijan has established that the devaluation of the national currency cannot be considered as a material change in circumstances for the parties to a loan agreement. Under the Civil Code a material change in circumstances is defined as the changes of circumstances that would have caused parties not to conclude a contract or conclude it with different terms, if they had been known to the parties.  The Constitutional Court of Azerbaijan Republic states that due to the fact that the exchange rate of manat is dependent on various economic and financial factors and it is regularly set and announced by the Central Bank of Azerbaijan Republic, devaluation cannot be considered as a material change in circumstances. 

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